Takeaways From the ECB Meeting

Having reflected on the lukewarm response to his December performance, European Central Bank President Mario Draghi on Thursday decided on a shock-and-awe approach to announcing his latest package of stimulus measures.

Traditionally unveiled in two stages, the ECB revealed all six of its new steps in a hectic rush designed to maximize the impact on participants in financial markets who were used to having more time in which to detect flaws and inconsistencies. In a bullish mood, Mr. Draghi declared the breadth and scale of the package should remove doubts about the ECB’s commitment to raising inflation to its target, and more generally about the continued effectiveness of central banks. But even as he spoke, the euro rebounded as he appeared to play down the potential for further rate cuts.